#Lakeland mortgage approval calculator
#Home Affordability Calculator: How Much House Can You Afford? Buying a new home especially if it s your first is a thrilling financial milestone. Congrats! Now a word of caution: Your home is one of the largest purchases of your lifetime. The ensuing mortgage, taxes, and maintenance expenses will impact your finances for the next 15-30 years. It s critical that you choose a home that you can afford. Interest Rate % Down Payment $ Length of Loan (Years) How the home affordability calculator works This calculator uses these guidelines for determining how much house you can afford. which are similar to common underwriting criteria that mortgage lenders use. Your total mortgage payment should be no more than 28 percent of your gross monthly income Your total debt payments (existing plus the new mortgage) should be no more than 40 percent of your gross monthly income. This is ...